Audit 164

Title: LOAN OUTSTANDING Accounting Policies: The Project uses the accrual basis of accounting to report federal awards expended. For financial statement presentation, grant revenues used to acquire fixed assets are deferred and recognized over the estimated useful lives of assets acquired. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. De Minimis Rate Used: N Rate Explanation: The Project has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. Columbia Catholic Housing for the Elderly II, Inc., Saint Peter Apartments had an outstanding HUD insured loan balance at April 30, 2023. The loan balance at the beginning of the year is included in the Federal Expenditures presented in the schedule. The Project received no additional loans during the year. The balance of the loan outstanding at April 30, 2023 was $3,054,850.